Loan Options

Conventional loans have varying loan amount limits based on the property’s location. The conforming loan limit is $417,000 in the Continental United States for a single-family home. However in some parts of the country where home prices are considerably higher the loan limit may increase. For example, in San Francisco, where the median home prices are considerably higher, the loan limit is $625,500. These are considered conforming high balance loans.

Many counties in the US are considered ‘high cost’ areas which will allow for conforming loan amounts above $417,000 (ie. San Francisco, Los Angeles, San Diego). Please inquire within about this product.

A jumbo loan is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit. In Oregon, the conforming loan limit is $417,000. Many lenders don’t have access to jumbo loan products, but at Summit Mortgage Corporation we have programs available with competitive rates.

An adjustable interest rate mortgage (ARM) is a loan in which the interest rate charged on the outstanding balance can change as market interest rates change. When the rates change your payments may change as well (as long as your payments are blended with principal and interest).

Fixed interest rate loans are loans in which the interest rate charged on the loan will remain fixed for that loan’s entire term, no matter what market interest rates do. Whether a fixed-rate loan is better for you will depend on the interest rate environment when the loan is taken out and on the duration of the loan. We can help lay out your options so you know the solution for you.

Construction finance is a specialized field. Construction loans have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly. To better serve your needs, we work with you from the very beginning until the funding day, making the process smooth and seamless. Our powerful one time close program and competitive rates are effective. Call today to see how we may help you finance your dream home.

FHA Loans (Federal Housing Administration) are government-backed loans that require only a minimum amount of down payment money to acquire a home. There are several advantages to an FHA loan. There is a low minimum down payment requirement, lower than conventional financing. The seller can contribute up to 6% of the purchase price toward the buyer’s closing costs and prepaid expenses, which can significantly reduce your out of pocket expense. Some believe that FHA is only for first time homebuyers, or for people who have had credit problems in the past. The FHA loan can be an excellent loan for everyone. Even if you’ve owned a home previously, and have perfect credit, FHA may still be the best loan for you.

VA loans are government-backed loans for qualifying veterans who have served or who are serving in the United States military, are the surviving spouse of a Veteran and for qualified reservists. There are several advantages to a VA loan. The program does not require a down payment; the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount. In addition, the loan limits are significantly higher than the FHA limits, and there are many closing costs that VA does not allow the Veteran to pay, which reduces your out of pocket expense. We believe that the men and women who serve our country deserve the best financing available.

USDA Loans are government-backed loans that are structured like conventional loans via Fannie Mae and Freddie Mac. Where they differ, though, is with respect to down payment requirements and mortgage insurance. Unlike conventional loans, USDA mortgages allows a homebuyer to finance a home for 100 percent of its purchase price. There are geographic and income restrictions so it is important to work with a company who know the ins and outs of the program. Contact us to see if you may qualify for this great product.

A Reverse Mortgage (also called an HECM – Home Equity Conversion Mortgage) is a Summit Mortgage Reverse Mortgage excellent mortgage program that allows borrowers age 62 years and older to withdraw equity on their home.

Green Mortgages also known as EEM or an Energy Efficient Mortgage is an emerging option for the environmentally friendly and energy-conscious borrower. Energy efficient Energy Efficient Mortgages are offered under a variety of lending programs, including FHA, VA and Freddie Mac. Each are used for similar purposes but have variations in their guidelines and qualifications.

We offer a wide array of niche products as well as mortgage loans for Future income programs, Extended lock options, low interest second mortgages, properties with large acreage, manufactured & modular homes, Homepath and more.

With mortgage rates still so low, millions of homeowners have decided to refinance. Refinancing your home loan is all about the bottom line: What’s it going to cost and does it make financial sense for you? Knowing when and how to refinance is a much more difficult decision than deciding you want a lower monthly payment. Let us help lay out your options so you know whether a refinance is right for you, what steps you should take to prepare for your refinance and how to choose the right product and term.